A medium-size general contractor listed on the first section of the Tokyo Stock Exchange effectively went bankrupt July 4 due to real estate-related debts that inflated after the burst of the bubble economy in the early 1990s.
Tokyo-based Tokai Kogyo Co., beset with liabilities of about 510 billion yen, applied to the Tokyo District Court on July 4 for application of the Company Rehabilitation Law, according to Teikoku Data Bank, a private research company. Tokai Kogyo is the first listed general contractor to go bankrupt since the end of World War II, Teikoku Data Bank said.
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